In case of inferior goods, the income elasticity is
A). Zero
B). Positive
C). Negative
D). None
Negative
In case of inferior goods, the income elasticity is Negative. A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes.
2. Gross National Income is always more than Net NationalIncome because it includes:
3. The total area under the demand curve of good measures
5. Question 1:Discuss the central problems of an economy.
6. Question 17:Why does rank correlation coefficient differ from Pearsonian correlation coefficient?